FXCM Is Buying RefcoFX - Deal is Done - Funds are safe

Quote from ZoneTrooper:

Your right. Your not in the driver's seat. Neither is FXCM or REFCOFX.


The Judge is in control. And REFCOFX can only make recommendations.

They lost control, when they filed Chapter 11.

BTW, has anybody else but me, file a claims form with the court.

Or am I alone on this one as a REFCOFX customer and a EliteTrader Forum Member?:D :D :D :D
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Where did you get the form?
 
whether the judge will approve of a bid making refcofx customers whole is still totally up in the air - one can be sure that the creditors committee & the jim rogers of this world will want to challenge any such ruling - and its going to be like that until refcofx assets (& liabilities) are auctioned and sold / liquidated, which is gonna take a while...

in the meantime, i fail to see how the fxcm bid / MoU as it stands - a great piece of PR by any measure, but still a step in the right direction it seems to me... - could be seen as a negative for refcofx account holders honestly?!? anybody?
 
Quote from 2cents:

i fail to see how the fxcm bid / MoU as it stands - a great piece of PR by any measure, but still a step in the right direction it seems to me... - could be seen as a negative for refcofx account holders honestly?!? anybody?
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RefcoFX account holders will lose their right to a fair share of the Refco bankruptcy estate if the FXCM deal goes thru. If the deal goes thru, as described to us so far, their accounts can be transferred to a shell corporation, promising on paper to make the customers whole, but lacking the financial resources to keep this promise in reality. We need to see additional disclosure proving that the transferee company will actually have the ability to pay, rather than merely move the customers from the frying pan into the fire, and shift their valuable rights in bankruptcy to major banks and other creditors with superior legal firepower.
 
jim - am not following u here... how do u mean, a shell company?? in any case, fxcm wasn't going to be able to avoid being scrutinized by its peers / any interested party to the sale / liquidation of the 35% stake refcofx holds in them (therefore its rather smart of them to take the lead and do some good PR). i know we're talking unregulated entities, privately-run businesses etc here, therefore the higher potential for creative accounting etc but we know thats also true of any regulated, public-owned entity, right? in any event, this (however limited) measure of scrutiny over fxcm dealings, b/s etc shld provide some room for comfort, don't u agree?

in addition, similar to what happened with the initial jcflowers bid, don't want to be negative but chances for the fxcm bid to go thru "as is" are probably next to nil. i'd think thats for the judge / the majority of the to-be-bidders to find common ground as to whether the sale shld proceed as per the fxcm MoU outline - notably wrt making refcofx customers whole - or whether it shld simply ensure the refco inc bankruptcy estate makes the most of the 35% stake sale and other assets held by refcofx, thus leaving the refcofx acct holders & other creditors in the cold for now... only thing the fxcm MoU does tho', is create some sort of benchmark - may or may not fly, we'll all know in due course - and i can't think of this as a bad thing for refcofx acct holders, thats all i am saying
 
Quote from 2cents:

jim - am not following u here... how do u mean, a shell company?? in any case, fxcm wasn't going to be able to avoid being scrutinized by its peers / any interested party to the sale / liquidation of the 35% stake refcofx holds in them (therefore its rather smart of them to take the lead and do some good PR). i know we're talking unregulated entities, privately-run businesses etc here, therefore the higher potential for creative accounting etc but we know thats also true of any regulated, public-owned entity, right? in any event, this (however limited) measure of scrutiny over fxcm dealings, b/s etc shld provide some room for comfort, don't u agree?
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Great post 2 cents, but you are missing the point...you make a logical statement, but this thread has nothing to do with facts. It is merely a smear campaign being waged by one or two shills who have ulterior motives. Why else would someone spend the entire weekend making one biased and unfounded post after another? But I'm sure everyone can see that by now...
 
hey strat3x - agree the ongoing war of words between a growing number of posters here is a total waste of space - at the end of the day, this is just a (very valuable) virtual space, not a court of law... - but what can we do, other than simply ignore the back & forths... don't think any of the protagonists is a shill tho', personally i wld expect a shill to be a tad smarter / subtler than that! cheers,
 
Quote from 2cents:

hey strat3x - agree the ongoing war of words between a growing number of posters here is a total waste of space - at the end of the day, this is just a (very valuable) virtual space, not a court of law... - but what can we do, other than simply ignore the back & forths... don't think any of the protagonists is a shill tho', personally i wld expect a shill to be a tad smarter / subtler than that! cheers,
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"Waste of space", I couldn't have said it better. The type of misinformation we have seen in this thread is one of the reasons why so many new traders become scared/confused/turned off to trading.
 
Quote from strat3x:

"Waste of space", I couldn't have said it better. The type of misinformation we have seen in this thread is one of the reasons why so many new traders become scared/confused/turned off to trading.
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Exactly. 90% of the thread is immature name calling or useless FUD completely unsupported by facts. Mods!

Trader/God
 
I am an FXCM customer also and just received the following. So if you have questions about the MOU, the purchase, etc. send them to the email address below.

-------------------

Forex Capital Markets LLC (FXCM) has signed an MOU with units of Refco to buy the 35% share of FXCM owned by Refco Group Ltd LLC. Additionally, an affliate of FXCM has agreed to purchase the retail client accounts of RefcoFX.com. To learn more about this agreement, click here.

FXCM's CEO will be discussing these developments in a live chat session on November 17th at 11:00 AM New York Time. The live chat will take place in the Forum area of DailyFX.com. To participate in the chat, you can send questions in advance to Kathy Lien at ceochat@fxcm.com or make posts online during the live discussion. In order to post, you must be a registered member of the DailyFX forum. Register at this link: www.learncurrencytrading.com/fxforum/register.php.

If you have any questions, please call us 24 hours a day, 7 days a week at 1-888-50-FOREX (36739). For international numbers, please visit www.fxcm.com/contact-fxcm-exchange.jsp.


Best regards,

FXCM Staff
 
Quote from Trader/God:

Exactly. 90% of the thread is immature name calling or useless FUD completely unsupported by facts. Mods!

Trader/God
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You sound like a guy that likes getting Refco'd
 
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